证券代码：601888 证券简称：中国中免 公告编号：2024-030 中国旅游集团中免股份有限公司 关于召开 2024 年第一次临时股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 召开地点：北京市朝阳区新源西里中街 18 号渔阳饭店会议厅 (五)网络投票的系统、起止日期和投票时间 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 10 月 17 日 至 2024 年 10 月 17 日 1 重要内容提示： 一、 召开会议的基本情况 (一)股东大会类型和届次 2024 年第一次临时股东大会 召开的日期时间：2024 年 10 月 17 日 14 点 30 分 (六)融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的投 票，应按照《上海证券交易所上市公司自律监管指引第 1 号—规范运作》《香港 中央结算有限公司参与沪股通上市公司网络投票实施指引》等有关规定执行。 (七)涉及公开征集股东投票权 无 二、 会 ...

目 录 | 2024 | 年第一次临时股东大会须知 2 | | --- | --- | | 2024 | 年第一次临时股东大会会议议程 3 | | | 议案：关于增选公司第五届董事会非独立董事的议案 4 | 1 2024年第一次临时股东大会会议资料 中国旅游集团中免股份有限公司 2024 年第一次临时股东大会会议资料 中国旅游集团中免股份有限公司 2024 年第一次临时股东大会会议资料 2024 年第一次临时股东大会须知 根据《公司法》《上市公司股东大会规则》及《公司章程》等有关规定，为 确保股东大会的正常秩序和议事效率，保证大会顺利进行，特制定须知如下： 一、会议按照《公司法》等有关法律、行政法规、部门规章、规范性文件以 及《公司章程》的有关规定进行，请参会人员自觉维护会议秩序，防止不当行为 影响其他股东合法权益。 二、出席现场会议的股东请在会议召开前30分钟到达会议现场办理签到手 续，并按规定出示填妥的股东大会回执以及如下文件： 1、个人股东亲自出席会议的，应出示本人身份证或其它能够表明其身份的 有效证件或证明、股票账户卡；委托代理人出席会议的，代理人应出示本人有效 身份证件、委托人身份证复印件、股东授权 ...

中国旅游集团中免股份有限公司 第五届董事会第十六次会议（现场结合通讯） 决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 证券代码：601888 证券简称：中国中免 公告编号：临 2024-029 中国旅游集团中免股份有限公司（以下简称"公司"）第五届董事会第十六次 会议于 2024 年 9 月 18 日以电子邮件方式发出通知，于 2024 年 9 月 23 日在公司会 议室以现场结合通讯方式召开。本次会议应参加表决董事 5 人，实际参加表决董事 5 人：王轩、常筑军、葛明、王瑛、王强。会议由董事长王轩主持，公司监事和部 分高级管理人员列席了会议。本次会议的召开符合《公司法》等法律、行政法规、 部门规章、规范性文件以及《公司章程》的有关规定。 1、审议通过《关于聘任公司副总经理的议案》 为满足公司经营发展需要，根据《公司法》等有关法律法规及《公司章程》的 规定，经公司总经理提名，同意聘任王月浩先生（简历详见附件）为公司副总经理， 任期自公司董事会审议通过之日起至第五届董事会任期届满之日止。 二、 ...

China Tourism Group Duty Free Corporation Limited （股份代號：1880） 董事名單與其角色和職能 中國旅遊集團中免股份有限公司（「本公司」）董事（「董事」）會（「董事會」）成員名 單載列如下： 執行董事 中國旅遊集團中免股份有限公司 （一家於中華人民共和國註冊成立的股份有限公司） 王軒先生 （主席） 常築軍先生 獨立非執行董事 葛明先生 王瑛女士 王強先生 本公司共設有四個董事會委員會，各董事會委員會的組成情況載列如下： 王瑛女士 （主席） 葛明先生 王強先生 戰略與可持續發展委員會 王軒先生 （主席） 常築軍先生 王強先生 中國‧北京 2024年9月19日 葛明先生 （主席） 王瑛女士 王強先生 提名委員會 王強先生 （主席） 王軒先生 常築軍先生 葛明先生 王瑛女士 薪酬與考核委員會 審計與風險管理委員會 ...

特此公告。 中国旅游集团中免股份有限公司 董 事 会 证券代码：601888 证券简称：中国中免 公告编号：临2024-028 中国旅游集团中免股份有限公司 关于副董事长辞职的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 近日，中国旅游集团中免股份有限公司（以下简称"公司"）董事会收到副董 事长陈国强先生递交的书面辞职报告。因退休原因，陈国强先生申请辞去公司第五 届董事会副董事长、董事职务，同时亦辞去公司第五届董事会战略与可持续发展委 员会委员职务。辞职后，陈国强先生将不在公司及控股子公司担任任何职务。陈国 强先生与公司董事会之间无任何意见分歧，亦无任何与其辞职有关的事项须提请公 司股东注意。截至本公告披露日，陈国强先生未持有公司股份。 陈国强先生的辞职未导致公司董事会成员低于法定最低人数，不会影响董事会 的正常运作和公司日常经营。根据《公司法》等法律法规及《公司章程》的规定， 陈国强先生的辞职报告自送达董事会之日起生效。 陈国强先生在任职期间勤勉尽责、忠实履职，为公司规范运作和健康发展发挥 了重要作用。公司及董事会对 ...

证券代码：601888 证券简称：中国中免 公告编号：临 2024-027 中国旅游集团中免股份有限公司 关于召开 2024 年半年度业绩说明会的公告 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 9 月 20 日（星期五）至 9 月 26 日（星期四）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 cdfir@ctg.cn 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 中国旅游集团中免股份有限公司（以下简称"公司"）已于 2024 年 8 月 31 日发布《公司 2024 年半年度报告》，为便于广大投资者更全面深入地了解公司 2024年半年度经营成果、财务状况，公司计划于2024年9月27日下午14:00-15:00 举行 2024 年半年度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年半年度的经营 成果及财务指标的具体 ...

[Table_MainInfo] 公司研究/旅游服务业/旅游综合 证券研究报告 中国中免（601888）公司半年报点评 2024 年 09 月 17 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |--------------------------------------------------------|----------------| | 股票数据 | | | 09 [ Table_StockInfo 月 13 日收盘价（元） ] | 54.84 | | 52 周股价波动（元） | 54.00-111.60 | | 总股本 / 流通 A 股（百万股） | 2069/1952 | | 总市值 / 流通市值（百万元） | 113456/113456 | | 相关研究 | | | [Table_ReportInfo] 《 2023 年收入 675 亿同比增 | 24% ，分红比例 | | 大幅提升》 2024.04.02 | | | 《 3Q23 毛利率环比改善，旺季表现值得期待》 | | | 2023.11.07 | | 市场表现 [Table_Quot ...

Investment Rating - The report maintains an "Accumulate" rating for the company [2][6]. Core Views - The company reported a revenue of 31.265 billion yuan and a net profit of 3.283 billion yuan for the first half of 2024, reflecting a year-on-year decline of 12.81% and 15.07% respectively [6][8]. - The decline in revenue is primarily attributed to a significant drop in sales in Hainan, with daily shopping visitors and duty-free sales decreasing [6][9]. - The gross profit margin improved to 33.53% in H1 2024, up 2.92 percentage points year-on-year, due to optimized product structure and enhanced supply chain efficiency [6][9]. - The net profit margin for H1 2024 was 11.67%, a slight increase of 0.25 percentage points year-on-year, but the Q2 net profit margin decreased to 9.73% [6][9]. Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 31.265 billion yuan, a net profit of 3.283 billion yuan, and a net profit excluding non-recurring items of 3.238 billion yuan, with year-on-year declines of 12.81%, 15.07%, and 16.00% respectively [6][8]. - Q2 2024 figures showed a revenue of 12.458 billion yuan, net profit of 0.976 billion yuan, and net profit excluding non-recurring items of 0.939 billion yuan, with year-on-year changes of -17.44%, -37.60%, and -39.79% [6][8]. Sales and Market Dynamics - The sales in Hainan faced significant pressure, leading to a revenue decline in H1 2024, with daily shopping visitors and duty-free sales showing negative trends [6][9]. - The company’s various segments showed mixed results, with significant declines in Hainan and Sanya, while the Shanghai duty-free store saw a remarkable recovery [6][22]. Profitability and Margins - The gross profit margin for H1 2024 was 33.53%, an increase of 2.92 percentage points year-on-year, attributed to product structure optimization and improved operational efficiency [6][9]. - The net profit margin for H1 2024 was 11.67%, with a decrease in Q2 to 9.73%, influenced by rising rental costs and higher tax rates [6][9]. Future Outlook - The company is expected to benefit from the implementation of city duty-free store policies, which may attract additional demand and open up growth opportunities in the industry [6][28]. - Forecasts for net profit from 2024 to 2026 are projected at 6.099 billion yuan, 7.187 billion yuan, and 8.639 billion yuan respectively, with corresponding price-to-earnings ratios of 19.9, 16.9, and 14.1 [6][28].

Investment Rating - The investment rating for the company is "Hold" [5] Core Views - The company is expected to benefit from the recovery of port duty-free sales and the implementation of new policies for city duty-free shops, despite facing challenges in its Hainan operations [7] - The company's revenue for the first half of 2024 was 31.265 billion yuan, a decrease of 12.81% year-on-year, with a net profit of 3.283 billion yuan, down 15.07% year-on-year [1][2] - The company has adjusted its profit forecasts for 2024-2026, with expected net profits of 6.2 billion yuan, 7.2 billion yuan, and 8.6 billion yuan respectively, reflecting a downward revision due to ongoing pressures in the Hainan duty-free business [7] Summary by Sections Financial Performance - In H1 2024, the company's revenue from Hainan and Shanghai was 16.785 billion yuan and 8.5 billion yuan respectively, with Hainan's revenue down 28.97% year-on-year [2] - The gross margin for Q2 2024 was 33.87%, an increase of 1.03 percentage points year-on-year, while the net profit margin was 7.83%, a decrease of 2.54 percentage points year-on-year [3] Market Opportunities - The new city duty-free shop policies are expected to enhance the company's growth prospects, with several cities set to establish new duty-free shops [4] - The company is focusing on improving service offerings to capitalize on the anticipated growth in the duty-free market [4] Profitability Outlook - The company has seen improvements in gross profit margins due to a higher proportion of mid-to-high-end product sales, although overall sales performance has pressured net profit margins [3] - The projected earnings per share for 2024 is 2.985 yuan, with a price-to-earnings ratio of 20.44 [9]

Business Overview - The company's main business focuses on duty-free retail, including wholesale and retail of tobacco, alcohol, cosmetics, luxury goods, clothing, and electronics[9]. - The company operates through two main segments: Travel Retail and Property, focusing on the sale of duty-free and taxable goods and property development[56]. Financial Performance - The company's revenue decreased by 12.81% from RMB 358.58 billion for the six months ended June 30, 2023, to RMB 312.65 billion for the six months ended June 30, 2024, primarily due to a decline in product sales[18]. - Revenue for the six months ended June 30, 2024, was RMB 31,264,998 thousand, a decrease of 12.5% compared to RMB 35,858,486 thousand for the same period in 2023[44]. - Gross profit for the same period was RMB 10,242,678 thousand, down 4.8% from RMB 10,754,378 thousand in 2023[44]. - Operating profit decreased to RMB 4,647,975 thousand, a decline of 9.4% from RMB 5,131,975 thousand in the previous year[44]. - Net profit for the period was RMB 3,666,551 thousand, representing a decrease of 11.3% compared to RMB 4,136,512 thousand in 2023[44]. - Total comprehensive income for the period was RMB 3,800,544 thousand, down 19.4% from RMB 4,713,735 thousand in the same period last year[44]. - The company reported a decrease in inventory to RMB 19,014,520 thousand from RMB 21,056,915 thousand at the end of 2023[45]. - The operating cash flow for the six months ended June 30, 2024, was RMB 4,309,150 thousand, down from RMB 8,573,228 thousand in the same period of 2023, indicating a decline of about 49.7%[49]. Cost and Expenses - Sales cost decreased by 16.26% from RMB 251.04 billion to RMB 210.22 billion, attributed to the reduction in sales revenue[19]. - Sales and promotion expenses increased by 3.41% from RMB 50.45 billion to RMB 52.17 billion, mainly due to higher airport leasing costs[19]. - Administrative expenses decreased by 7.64% from RMB 12.17 billion to RMB 11.24 billion, primarily due to reduced employee compensation and financial service fees[19]. - Employee costs rose by 2.11% from RMB 17.04 billion to RMB 17.40 billion, due to an increase in the number of employees in some stores[19]. - Financial costs decreased by 39.13% from RMB 1.61 billion to RMB 0.98 billion, mainly due to a reduction in borrowings and interest expenses[19]. Market Expansion and Strategy - The company successfully won the operating rights for duty-free shops at Guangzhou Baiyun International Airport T1, Kunming Changshui International Airport, and other key locations, with domestic duty-free store revenue increasing by over 100% year-on-year[11]. - Approximately 50 new brands were introduced in the Hainan region, including luxury brands such as Prada and Gucci, enhancing the brand portfolio[10]. - The company is actively expanding its overseas business, with new openings at Singapore Changi Airport and the launch of a duty-free shop on the Aida Magic cruise ship[11]. - The company is promoting "national trend" brands overseas, signing strategic cooperation agreements to expand brand presence in international markets[11]. - The company plans to focus on upstream brand and duty-free operator acquisition opportunities in the future[24]. - The company aims to expand overseas channels with an allocation of HKD 3,493.65 million for overseas duty-free shops and acquisitions of overseas travel retail operators, also expected to be completed by the end of 2027[33]. Membership and Customer Engagement - As of now, the company has over 35 million members, reflecting a strong marketing push and engagement strategies[14]. - The company is enhancing its online and offline collaboration, focusing on market, product, and member resources to increase customer retention and conversion rates[12]. - User data showed a growth in active customers by 15%, reaching a total of 3 million users by June 30, 2024[118]. Corporate Governance and Compliance - The company has adopted the corporate governance code and has ensured compliance with all relevant provisions, maintaining high standards of corporate governance throughout the reporting period[35]. - The audit and risk management committee, consisting of three independent non-executive directors, reviewed the interim report for the six months ending June 30, 2024, confirming its compliance with applicable accounting standards and legal regulations[37]. - The company emphasizes the importance of good corporate governance to enhance management and protect shareholders' interests[35]. Future Outlook - The company expects a revenue growth guidance of 25% for the second half of 2024, driven by new product launches and market expansion strategies[118]. - Future outlook remains positive, with a focus on sustainability and digital transformation initiatives[118]. - The company is implementing cost-cutting measures aimed at reducing operational expenses by 15% over the next year[118].